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HGP – Ceterus Seals $9 Million in Additional Funding
A Charleston accounting software firm has raised another $9.1 million to finance its growth, solidifying the startup’s position as among the best-funded in the region’s technology industry.
Ceterus, which is based on Meeting Street along Charleston’s upper peninsula, develops web-based software and financial reporting tools. Founded in 2008, the firm has completed four major rounds of investments totaling more than $30 million.
CEO Levi Morehouse said the latest financing will be invested in growth initiatives.
Adding automation to the company’s software has been a focus of the last three years. Ceterus added artificial intelligence and machine learning capabilities that can help its customers predict their finances and offer business tips.
Its first customers — and still the core of the business — were owners of franchised businesses, such as Jimmy John’s, Orange Theory Fitness and Firehouse Subs.
Morehouse said Ceterus has moved beyond its early stages, and today its business plan calls for building on a strategy that has been shown to work.
“We’ve proven the plays we want to run,” he said. “We want to run the ones that have worked really well.”
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